OpenAI Raises $122B at $852B Valuation as It Races Toward IPO

SAN FRANCISCO: In largest fundraising round in the history, OpenAI has closed a $122 billion funding at $852 billion post-money valuation. The round was anchored by Amazon ($50B), Nvidia ($30B), and SoftBank ($30B), with additional participation from Andreessen Horowitz, Microsoft, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price. In a first for the company, $3 billion came from individual investors via bank channels.

The raise crosses OpenAI’s own previous record, the $110 billion round closed in February. At $852 billion, OpenAI now sits above Berkshire Hathaway and larger than Visa or JPMorgan Chase in valuation terms. CFO Sarah Friar said the round “blows out of the water even the largest IPO ever done”.

Funds will be utilized to compute infrastructure, chip partnerships, and the buildout of what OpenAI calls a unified AI superapp, combining ChatGPT, Codex, web browsing, and agentic capabilities into a single interface. The company says that it now generates $2 billion in monthly revenue and serves 900 million weekly ChatGPT users. Enterprise makes up over 40% of revenue and is on track to reach parity with consumer by end of 2026.

Codex, OpenAI’s coding agent, has reached 2 million weekly users, up fivefold in three months. An ads pilot launched earlier this year hit $100 million in annualized revenue in under six weeks. APIs now process more than 15 billion tokens per minute.

Amazon’s $50 billion commitment includes a cloud agreement to host and distribute OpenAI’s models for enterprise customers, alongside a revenue-sharing arrangement. A portion, $35 billion, is contingent on OpenAI going public or reaching AGI. The company also expanded its revolving credit facility to $4.7 billion, supported by JPMorgan Chase, Citi, Goldman Sachs, and Morgan Stanley. The facility remains undrawn.

An IPO is widely expected later this year. With this raise, OpenAI has effectively positioned itself as the infrastructure layer for global AI, and given its investors a clear signal that it intends to go public at near-trillion-dollar scale.